The Federal Open Market Committee today established a target range of zero to 0.25% for its fed funds rate. This, as you might imagine, is unprecedented.

The reaction on Wall Street was jubilant.

From Bloomberg:

“The Fed is sending a message that it will print money to an unlimited extent until it starts to see the economy expanding,” William Poole, former president of the St. Louis Fed and now a senior fellow at the Cato Institute in Washington, said in an interview with Bloomberg Television.

The Fed Goes To Zero [WSJ]
Fed Cuts Rate to as Low as Zero, Will Use All Tools (Update2) [Bloomberg]
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